30.10.201915:54 Forex Analysis & Reviews: EUR/USD for October 30,2019 - EUR in consoldiation with the potential for downside break

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EUR/USD has been trading sideways at the price of 1.1107. The FOMC meeting minutes are just around the corner and most of the currencies are waiting for the release before the next direction move. Technically speaking there is potential for the downside leg and test of the Medium Pitchfork line at 1.0995-1.0950.

Yellow lines – Pitchfork upward channel

Purple lines – New defined downward channel

Falling white line – Expected path

Based on the 4H time-frame, I found that there is failed test of the yellow channel Median Line, which is sign that buyers didn't have enough power for the full-test. My advice is to watch for potential breakout of the support at 1.1076 to confirm potential test of 1.0994-1.0950.

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